Clients Demanding Social Security Guidance From FAs

The vast majority of clients are demanding Social Security guidance from their financial advisors, Nationwide Insurance said Tuesday.

The company noted 93 percent of clients said they would leave their advisor if the professional did not give them advice on this major source of money in retirement.

By the same token, 57 percent of clients are expecting Social Security guidance from these pros.

About two-thirds expect Social Security filing advice from their advisors, Nationwide Insurance.

Social Security accounts for 32 percent of retirement income for the “mass affluent” clients with investable assets between $1,000 and $1 million with pensions responsible for 38 percent, retirement assets and pension plans 16 percent and employment and other sources of income 14 percent.

The study notes boning up on this major source of can be challenging There are 2,800 rules for Social Security benefits.

To learn enough about Social Security benefits to help your clients (without trying to memorize every one of the 2,800 rules), Nationwide offers resources to help.

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